GOtalkmoney Blog

Open a Virtual Wallet at PNC Bank and you could earn a $100 reward. The offer is good through Sept. 30, 2011. You can open a Virtual Wallet online or ask to receive a coupon that can be redeemed at a local branch. To receive the reward you must make qualifying direct deposits totaling at least $750 and 10 purchases with a PNC Visa Check Card within 60 days of opening the account. Other details of the offer include:

You must open a Performance, Performance Select or Performance Spend checking account

Credit card cash advance transfers and transfers from one account to another do not qualify for reward

You must be a resident of one of the following states to be eligible for the PNC Bank promotion: Delaware, Florida, Illinois, Indiana, Kentucky, Maryland, Michigan, Missouri, New Jersey, Ohio, Pennsylvania, Virginia, Wisconsin and the District of Columbia.

Do you find it difficult to build a savings. You are not alone. Many people have trouble finding money in their budget to put away for a rainy day. Here are four things you may not have considered to find the cash to jump start your savings.

Raise your deductible on home, auto and other insurance policies. Raising the deductible means you’ll pay more out of pocket if you ever file a claim, but you’ll lower your monthly premium. Use the money saved to start a savings account.

Sale sports equipment and musical instruments you no longer use. If you have kids, it’s likely you’ve spent money on activities they no longer participate in. Place an ad online or in the newspaper, or check with local consignment shops and thrift stores to see which items you can unload.

Do manual labor. If you’ve got an arsenal of lawn equipment and other tools, post flyers around town and let your neighbors know you are available for hire. Put most of your earnings into your savings account.

Recycle. Don’t limit yourself to cans and bottles. Recycling or selling old electronics, cell phones or ink cartridges could pay. Wisebread has an overview of some sites that accept these type of recyclables.

Think of other solutions you may have overlooked to find the cash you need to build a savings.

If you have a large sum of money you need to park in a safe place for a while, Quantum National Bank has a Hi-Rate Money Market that earns 1 percent annual percentage yield. The money market rate is good for deposits of $100,000 and up. So if you have a large sum of money saved up for a house down payment, business purchase or some other financial transaction that will take place in the near future, this money market can allow you to earn a modest return on your money rather than have it sit in a non-interest bearing account.

Six withdrawals per statement or you get charged $10 per excessive withdrawal

The Hi-Rate Money Market has tiered interest rates. Balances up to $9,999 earn 0.05 percent APY, $10,000 to $49,999 earns 0.15 percent APY and $50,000 to $99,999 earns 0.2 percent APY. The Hi-Rate Money Market is also available for business deposits. Accounts are available only to residents of Georgia.

Overdraft fees at banks continue to remain high despite Federal Reserve rules that require banks to get permission from customers to charge overdraft fees on debit card transactions. And although some banks have changed the order in which they process overdraft payments from checking accounts, most continued to pay the largest transactions first, according to a recent Consumer Federation of America (CFA) report.

“Bank overdraft fees at the largest banks remain steep, ranging from $33 to $37, and far exceed the typical $20 debit card overdraft,” said Jean Ann Fox, CFA’s director of financial services. “Some banks have hiked the number of overdraft fees consumers can rack up in a single day to as many as ten, costing consumers as much as $370 in just one day.”

The survey found that two-thirds of the largest banks add on additional fees if overdrafts are not repaid in a few days. Customers are required to pay overdrafts and fees immediate or get hit with additional fees. For customers who are already struggling to pay bills this can be financially devastating.

If you want to avoid getting hit with huge overdraft charges, you must let your bank know that you are opting out of this service.

Many investors are pouring money into gold as stocks continue their free fall. Gold futures climbed as high as $1,829.70 an ounce on April 18, 2011, before falling back to $1,821.80 later in the day. Meanwhile, the stock market continued its decline, raising more concern that the U.S. economy is heading to another recession. The Dow Jones industrial average was down more than 460 points in late trading, and the VIX index, which measures volatility in the stock market–also known as the “fear index”–surged, according to MSNBC.

Despite all the worry about what is happening with the global economy, it is best not to get off track from a savings plan–or start a savings account if you don’t have one. Building up an emergency savings fund could help you feel more confident about your own finances even as the economy struggles. Shop around to compare savings accounts to find the right product for you. Unfortunately, savings rates are still low, but earning a little interest on your money is better than earning nothing. And at least you’ll know you have a cushion to fall back on while toughing out this economy.

Bank rates
provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates

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appearing on this site are from advertisers from which this website receives compensation for being listed here.
This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). These offers do not represent all deposit accounts available.